GENERAL PRINCIPLES - Shivaji University

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CHAPTER - II
BUDGET
INTRODUCTION
2.1 Finance and Accounts Officer of the University is required to prepare and submit
to Finance & Accounts Committee, annually the budget for the ensuing financial
year and revised budget for the current financial year. Finance & Accounts
Committee will recommend the budget to the Management Council for onward
recommendation of the same to the Senate for its final approval.
2.2 All Heads of Units shall supply the Finance and Accounts officer, with any
information requested for the University’s annual budgets, by the dates stated by
the Finance and Accounts Officer.
2.3 Delegated Budgets - Each section which receives or spends University funds is
required before the end of October every year, to prepare a budget for the
ensuing financial year, based on the actual receipts and expenditure of the last
three years, and submit it to the Finance and Accounts Officer, who will compile
it.
2.4 Surpluses and Deficits –
(a)
(b)
Budgetary Units are required to keep their expenditure within the budget
provision made available to them.
A section /department may budget for a surplus or deficit for the year only if
this is inconsistent with the strategic plan for the division, and agreed by
Finance & Accounts Committee.
2.5 Budget for funds which are earmarked by the Funding Agencies from which they
are received must not be in deficit.
2.6 If a (Budgetary Unit) section/department finds in the course of a year that it will be
unable to achieve its budget and is likely to show a worsened outcome at the end
of the year, it must submit details of the situation to Finance & Accounts Officer
without delay.
2.7 The Finance & Accounts Committee shall allow the Budgetary Unit to exceed its
budget only if it is satisfied that the Unit has plans in place to recover the position:
every instance in which a Budgetary Unit is allowed to go over budget must be got
approved by the Senate.
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